Top 5 digital lending solutions you should try
Digital lending is a technology that enables financial institutions to increase productivity and loan profits while also providing faster service at the point of sale (POS). It allows potential borrowers to apply for loan products, such as BNPL, from any internet-capable device in any location around the world.
Digital lending is not a new or unfamiliar practice, and financial institutions are well-versed in the fundamentals. However, as technology advances and consumer preferences change, that concept becomes more complicated. Customers expect banks to process applications and make decisions quickly. Along with that, lending solutions companies have emerged to meet the aforementioned conditions.
In this article, SMARTOSC Fintech will show you the top 5 digital lending solutions you should try.
Benefits of Using Digital Lending Platform
- Streamlining the Application Process
Consolidating and digitizing customer information lending improves the borrower experience in a variety of ways.
An online loan application generates a centralized database that stores all application information. When a bank or credit union uses a digital banking platform, the entire financial package automatically updates when the customer enters the information required to complete the application.
- Digitizing the Lending Information
Digitizing information flow and access provides significant benefits to the entire credit team. It improves transparency while reducing bottlenecks.
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Many digital lending systems allow loan processors to collect third-party data, such as credit bureau reports and external bank and financial information, through a single interface. This process reduces errors and eliminates unnecessary manual tasks, allowing for faster decision-making.
- Offering Loan Options to Customers with Bad or No Credit
In traditional lending practices, financial institutions rely heavily on credit scores. Credit scores provide lenders with an in-depth look at a potential customer’s previous borrowing habits.
Many customers, however, are looking for first-time loans and do not have a credit history. Traditional lenders will sometimes refuse to lend to borrowers who have a track record of making timely loan payments.
For short-term loans like BNPL, digital lenders frequently waive these hard credit checks. They make loans more accessible to first-time borrowers by relying on alternative credit score data or little to no financial information.
Top 5 digital lending solutions you should try
- Backbase
Backbase becomes the partner that customers and members rely on for their major financial transactions. More conversions at a faster rate and at a lower cost. Backbase Digital Lending enables you to exceed expectations by providing fast and frictionless loan origination experiences.
Customers and members expect nothing less than seamless journeys when it comes to big moments like buying a car, applying for a personal loan, or opening a line of credit to grow a business. But, unfortunately, loan applications are often time-consuming for them, painful for your employees, and costly for you.
Backbase Digital Lending enables you to provide the fast and frictionless experiences that your customers and members expect – all while increasing conversions, and revenue, and lower costs.
- Tavant
Tavant was founded in 2000 in Santa Clara, California, United States. It provides cutting-edge products and solutions to consumers in a variety of industries, including Fintech.
Tavants’ Artificial Intelligence and Machine Learning algorithm-powered solutions improve operational efficiency, productivity, speed, and accuracy in the connected world, allowing businesses to thrive in a rapidly changing business environment.
- Fiserv
Fiserv is well-known for financial services technology and service innovation, including award-winning phone and internet banking, transactions, risk assessment, data analytics, and core account processing solutions.
Fiserv helps its clients push the boundaries of what is possible in the financial services industry by providing deep knowledge and creative solutions, as well as managing money more quickly and easily than ever before.
- FIS
FIS is a financial services company headquartered in the United States that offers a wide range of financial products and services.
FIS stays ahead of the curve in terms of how the world is changing to power businesses, such as merchants, banks, and capital markets, in order to keep up with today’s fast-changing competitive landscape and assist their clients in managing, growing, and accomplishing more for their businesses.
- Newgen
Newgen is the industry’s leading provider of a comprehensive digital transformation platform that includes native automation processes, content providers, and effective communication features.
Successful businesses all over the world use Newgen’s industry-recognized minimal code application platform to create and deploy complex, content-driven, and customer-engaging business apps in the cloud. With dexterity and speed, Newgen unlocks quickly.
Conclusion
Each provider’s digital lending platform is unique, with its own set of unique and customer-specific features. When looking for digital lending solutions for your business, the top five providers listed above are a great place to start.
Contact SMARTOSC Fintech for more advice on this solution.
